Private analysts estimate that 90% of the commercial debt is between companies linked to those who would seek to issue three-year debt.
Just a few months ago, an economic representative from Libertad Avanza communicated in a virtual talk to a group of finance directors from companies with problems paying debts with suppliers with the outside, that Javier Milei’s administration was going to help them with the problem, but that they had to be patient. Since this Tuesday, two weeks after taking office, the government will begin to offer them a way out, although it is an imperfect option.
The Central Bank will make available three series of Bonds for the Reconstruction of a Free Argentina (BOPREAL), that will be offered “as vehicles to channel the demand for foreign currency from importers of goods and services with commercial debts for operations with customs registration or services effectively provided until December 12, 2023.”
He BOPREAL has a version October 31, 2027, with a rate of 5% which will be amortized in April 2027 and at the end – and will pay interest every 6 months. A second series as of June 30, 2025, without payment of interest, but it will pay off every month. And the third as of May 31, 2026 with three quarterly disbursements of amortization and interest and a rate of 3%. These bonuses The banks are going to buy them at the request of their clients.
To acquire the BOPREAL, the company must have the rrespective certifications on the amount pending payment issued by the entity or entities in charge of monitoring the officializations involved in the Monitoring of Payments for Imports of Goods (SEPAIMPO),
As Ambito had reported on November 1, it is estimated that 90% of the commercial debt is between related companies, of a subsidiary in the country with its headquarters abroad. In most cases they are large global corporations with “financial backing” to wait to collect in the end.
The BOPREALs can be traded on the secondary market but their value would be 40%. what an Argentine debt security is worth, businessmen estimated. Therefore, if Milei could get the parent companies to accept the longer bond, the debt to be paid between the first and second year would be reduced to $18 billion.
“The problem is that my supplier does not accept BOPREAL,” said in a talk with Ambit a manager with an outstanding career in the union who considered that in his particular case the financial instrument does not solve the situation. At most, since they will be allowed to pay taxes, settle balances with the AFIP. That is why the mechanics of companies with the new title is to consult with their creditor if they are accepted to cancel the commitment.. If so, everything ends there.
What is speculated is that after BOPREAL is launched, the Central Bank will order at some point not too far away that the companies go to Cash with Settlement to look for foreign currency to go abroad, something that could not be done in the short term because it would imply an additional demand of US$30,000 million (at least) that would explode the precarious stability achieved in the first days of the government of Milei.
Source: Ambito
